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NAB director resigns

FX Week staff

10 May 2004

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Her departure ends a struggle with the rest of NAB’s board of directors, after she called on them, herself included, to step down to take collective responsibility for the A$360 million (US$280 million) forex losses.

She said last week her efforts were made for the long-term interests of the bank, its shareholders, customers and staff.

Chairman Graham Kraehe, who replaced Charles Allen after NAB discovered the forex losses in January, is currently pursuing a process of board renewal. Last